Bitcoin, Ethereum Technical Analysis: BTC Bulls Continue to Target $30,000, Despite Slow Start to the Week
Bitcoin started the week hovering slightly above the $29,300 region, however bulls continue to target a resistance level of $30,000. The cryptocurrency mostly consolidated this past weekend, with this sentiment still present on Monday. Ethereum fell marginally below its Sunday peak.
Bitcoin
Bitcoin (BTC) started yet another week in consolidation, as price uncertainty in the market remained high.
After peaking at $29,441.00 on Sunday, BTC/USD dropped to a bottom at $29,124.11 earlier in today’s session.
Since falling to this low, bitcoin bulls moved to buy the marginal dip, pushing price to a current reading of $29,351.73.
In order for bullish momentum to truly intensify this week, a ceiling of 49.00 will first need to be broken on the 14-day relative strength index (RSI).
At the time of writing, the index is tracking at a reading of 47.90, with the 10-day (red) moving average on the cusp of an upward cross.
A breakout above the 49.00 zone will also likely lead to a crossover of moving averages, which could be what is needed to recapture the $30,000 mark this week.
Ethereum
Similar to BTC, ethereum (ETH) was also largely unchanged on Monday, as the cryptocurrency continued to trend sideways.
ETH/USD fell to an intraday low of $1,834.80 to start the week, which comes following Sunday’s high at $1,859.92.
The decline resulted in ethereum once again moving towards a key support point at $1,830, which is a level it has been tied to for the past few weeks.
Despite this downward sentiment, the 10-day (red), and 25-day (blue) moving averages have moved closer to an upwards crossover.
Like with BTC above, for this to occur the RSI would first need to breach a resistance zone, in this instance at the 48.00 point.
Should this take place, ETH could hit $1,900 in the coming days.
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Do you expect bitcoin to hit $30,000, and ethereum $1,900 this week? Leave your thoughts in the comments below.
